Japanese Prime Minister Shigeru Ishiba said on Sunday (September 7) he has decided to resign, caving to ruling party pressure on him to take responsibility for a series of election losses amid voter anger over rising living costs.

Tokyo

Prime Minister Shigeru Ishiba of Japan has announced his resignation after his ruling coalition lost its majorities in both houses of parliament. The losses were attributed to public dissatisfaction over rising living costs. Ishiba, who had led the Liberal Democratic Party for less than a year, called for an emergency leadership race and will continue his duties until a new leader is elected.

During his tenure, Ishiba focused on finalizing a trade deal with the United States, pledging $550 billion in investment in exchange for lower tariffs, particularly affecting Japan's automotive industry. The political uncertainty following the coalition's losses has impacted Japan's currency and government bonds. It is not guaranteed that the next LDP leader will become prime minister, as lawmakers can nominate candidates from any party.

Japan's Prime Minister Ishiba resigns after election losses

Japan's Prime Minister Shigeru Ishiba said on Sunday he will be stepping down, ushering in a potentially lengthy period of policy paralysis at a shaky moment for the world's fourth largest economy. At a news conference, Ishiba said he has instructed his Liberal Democratic Party to hold an emergency leadership race. He added that he would continue his duties until the new LDP leader is elected. Ishiba came to power less than a year ago, with promises to revive his scandal-hit party. Since then, his ruling coalition lost its majorities in elections for both houses of parliament amid voter anger over rising living costs. Last week, concern over political uncertainty led to a sell-off in Japan's yen currency and its government bonds. Until Sunday, the 68-year-old had refused calls to step down. Ishiba had focused instead on ironing out details of a trade deal with the United States on President Donald Trump's tariffs, which have roiled Japan's critical automotive industry and cast a shadow over weak growth. Ishiba's last act as premier will have been to finalize the U.S. deal last week. That involves Japan pledging $550 billion of investment in return for lower tariffs. On Sunday, Ishiba described it as having overcome a key hurdle, saying, I would like to pass the baton to the next generation. However, since the party does not have a majority in either house, it is not guaranteed that the next LDP leader will become prime minister. Lawmakers can nominate any candidates from the chamber, and historically, the leaders of opposition parties have been put forward for the vote.

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Lisbon

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Venice

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Chicago

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Tel Aviv-Yafo

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Ukraine Invasion

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Breakdown